Chevrolet Bolt Succumbs To Industry Woes With New Price Hike

Electric Vehicles / Comments

But it kind of balances out.

After announcing an astounding $6,000 price drop in the summer of 2022, Chevrolet has had to raise the price again of its Bolt electric car family due to industry pressures.

"Due to ongoing industry-related pricing pressures, the Chevy Bolt EV and EUV will see modest price increases starting in 2023, but we expect it to remain America's most affordable EV," Cody Williams, Chevrolet spokesman, told the Detroit Free Press.

At the time of writing, Chevrolet lists the 2023 Chevrolet Bolt's starting MSRP at $26,595 and the 2023 Bolt EUV at $29,795. That's a rise in the price of $900 and $600 respectively. The regular Bolt still stands as the cheapest BEV in America, undercutting the Nissan Leaf's $29,135 base price.

2022-2023 Chevrolet Bolt EV Front Angle View Chevrolet 2022-2023 Chevrolet Bolt EV Central Console Chevrolet
2022-2023 Chevrolet Bolt EV Front Angle View
2022-2023 Chevrolet Bolt EV Central Console

Chevrolet has been vocal about how hard it strives to keep the price of the Bolt and Bolt EUV down, but all automakers are feeling the squeeze as supply chain issues and parts availability problems continue. There is some good news, though, that will more than take the sting out of the price increases.

Due to a new change in the Inflation Reduction Act, the Bolt has regained eligibility for the US federal clean vehicle tax credit of $7,500. It was previously believed the tax credit would only be $3,750, but because the United States Treasury Department is delaying the sourcing requirements for battery materials, the full amount can be claimed. However, the delay could end as soon as March.

Chevrolet

If the US Treasury's guidance is accepted, the $7,500 credit will be split in two. Whether a car qualifies for one-half or both will depend on the percentage of critical minerals or components for batteries sourced from the US and North America.

For now, though, and for qualifying buyers, that brings the price regular Bolt's price down to $19,095 and the Bolt EUV down to $22,295. The Nissan Leaf, if customers qualify for the full $7,500 credit, comes in at $21,635.

It's worth bearing in mind that Chevrolet has a slew of new EVs on the way, many of which will match their ICE-powered counterparts on price. For now, the Bolt lives on a little longer as America's most affordable EV, but that may change in the not-too-distant future.

CarBuzz / Ian Wright CarBuzz / Ian Wright
Source Credits: Detroit Free Press

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